Customer Experience

Service / Financial Services Consulting

Team

Global Economics Group Risk Advisory Practice provides financial institutions with comprehensive risk management consulting services, including banking and capital markets, insurance, wealth and asset management, and other sectors.

A better customer experience can materially improve your business performance.

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Customer Experience

Competitive Differentiation

In an industry where products and services are often similar, superior customer experience has become a primary way for banks to stand out from competitors. With many consumers perceiving little difference between banks, the quality of CX can be a decisive factor in attracting and retaining customers.

Customer Retention and Loyalty

Banks that provide excellent CX are more likely to retain customers and build brand loyalty. Satisfied customers are less likely to switch to competitors and more likely to expand their relationship with the bank.

Increased Profitability

Banks focusing on CX see tangible business results, including higher return on investment (ROI), faster growth, and increased share of wallet. Customer-centric banks have been found to have a share of wallet that is 1.9 times higher than those that neglect CX.

Cross-Selling and Upselling Opportunities

Customers who have positive experiences with everyday transactions are more likely to consider additional products and services from the same bank, such as mortgages or investments.

Reduced Costs

Effective CX can lead to lower customer acquisition costs and reduced cost to serve, as satisfied customers require less support and are more likely to use self-service options.

Adaptation to Changing Customer Expectations

Modern banking customers demand more personalized, convenient, and seamless experiences across multiple channels. Banks that meet these expectations are better positioned to succeed in an evolving marketplace.

Brand Advocacy

Banks that excel in CX benefit from increased word-of-mouth recommendations and positive reviews, which can attract new customers at a lower cost.

Trust and Credibility

In an industry where trust is paramount, positive customer experiences help build and maintain credibility, which is essential for long-term success.

We have partnered with Ovation CXM, The only CX platform that connects partners and AI to customer journeys.

We help organizations design, implement, and optimize their customer experience strategies to more effectively meet customer needs and expectations.

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Customer Experience

CX Strategy Development

We work with companies to create a cohesive, customer-centric business strategy that aligns with organizational goals.

Experience Design

We help design connected customer journeys across various channels, including digital self-service, contact centers, face-to-face interactions, and AI-powered touchpoints.

Assessment and Benchmarking

We evaluate current CX capabilities, compare them to industry best practices, and identify areas for improvement.

Workshops and Consulting

Specialized workshops, such as Customer Experience Exploration or Omnichannel Optimization, to help organizations focus on critical aspects of CX delivery.